MGP Ingredients (NASDAQ:MGPI) Announces Quarterly Earnings Results

MGP Ingredients (NASDAQ:MGPI) issued its quarterly earnings data on Thursday. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02, Briefing.com reports. The business had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.34 EPS. MGP Ingredients updated its FY24 guidance to $5.55-5.65 EPS.

MGP Ingredients Trading Down 5.2 %

MGPI stock traded down $2.52 during mid-day trading on Friday, reaching $45.52. 1,023,356 shares of the stock traded hands, compared to its average volume of 232,152. MGP Ingredients has a one year low of $45.48 and a one year high of $102.42. The stock has a market capitalization of $1.00 billion, a PE ratio of 9.46, a PEG ratio of 0.92 and a beta of 0.59. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. The business has a 50-day moving average price of $78.66 and a two-hundred day moving average price of $78.64.

MGP Ingredients Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.48 annualized dividend and a yield of 1.05%. MGP Ingredients’s payout ratio is currently 9.98%.

Wall Street Analyst Weigh In

Several analysts recently commented on MGPI shares. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Roth Mkm decreased their target price on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Truist Financial dropped their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday. Finally, Lake Street Capital downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the company from $135.00 to $75.00 in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $86.60.

Insider Buying and Selling

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total transaction of $99,965.26. Following the completion of the transaction, the director now owns 134,969 shares in the company, valued at $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 36.20% of the stock is owned by corporate insiders.

MGP Ingredients Company Profile

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.